THE BANK of Nova Scotia Jamaica's (BNSJ) new Portmore branch will fully adopt the International Banking Platform (IBP) in its operations said Managing Director, William E. Clarke .
He was speaking at the official opening of the branch last Friday at Bushy Park in Greater Portmore, St Catherine. The International Banking Platform is a new technology that focuses on paperless banking in which customers doing transactions at the teller utilise their Scotiacards by swiping and secondly, personal banking officers keying information on customers rather than manually entering the data.
Mr. Clarke said that BNSJ had begun the process of converting its operations to focus on the IPB. Already 19 of Scotiabank's branches have converted to this new technology. Mr. Clarke said, "IBP is intended to support the increased emphasis on sales and service that [BNSJ] has been pursuing over the past two years."
Mr. Clarke emphasised that the Portmore branch represents "what an IBP branch should look like." He noted that, "with the emphasis in IBP on using alternative channels of delivery the Portmore branch has the capacity for six ABMs: three walk-ins and three drive-throughs."
At present the Portmore branch has one drive -through and two in-branch ATMs.
Mr. Clarke told the audience that the branch's location was strategic, as it was "on the main road up to Hellshire and right across from a major new development." The new branch was constructed at a cost of $114 million on land that the bank acquired from developer Ransford White. Mr. White recently completed the Mount Royal Housing Development in Portmore. "Mr. Clarke said that Scotiabank did extensive market research before it opened the Portmore branch. He commented that the Portmore branch will "offer customers a banking experience that suits their lifestyle and their personal banking needs."
The market results had pointed to the need for there to be an "emphasis on retail banking, although, there is some commercial capacity." The bank will have extended banking hours from 10 a.m. to 8 p.m. on weekdays and on Saturdays from 10 a.m. to 2 p.m. However, only non-cash transactions will be processed after 5 p.m. The branch's unusual banking hours were based on its marketing survey.
In his address, guest speaker Dr. Davies said that BNS's latest venture is an "example of confidence in the economy." The Finance Minister said that compared to a year ago "there was a positive outlook-bolstered by significant additional investments in tourism." Dr. Davies who noted "BNS has been good corporate citizens" welcomed BNSJ's presence in the community, saying that it was "for the betterment of Portmore."
The Finance Minister used the opportunity to express the Government's appreciation of its partnership with the bank, saying that "We welcome ethical and progressive investors [such as BNSJ]." Dr Davies commended BNSJ on its latest loan facility for the small business sector and urged small businessmen to make use of the loans. Dr Davies remarks concerned the $1 billion fund Scotia Jamaica Production Fund. Targeted towards small and medium business (with an emphasis on export related activities and job creation), the loan is offered at a concessionary interest rate fixed at 9.5% add-on. The bank says that the maximum loan for projects under the programme is $22.5 million and the minimum is J$7.5 million. Loans will have a maximum term of seven years with a two-year moratorium on the principal. Dr Davies commended BNSJ for requiring prospective applicants to be fully compliant in their statutory returns and tax compliance.
Paul Elliot, the manager, will head a team of 17 staff members who, according to Mr. Clarke, "went through a rigorous selection process and a thorough training program designed to equip them to deliver first class service."
